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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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National Aluminium Company signs MoU with Ministry of Mines, Govt. of India
May 25,2017

National Aluminium Company has signed an MoU with the Ministry of Mines, Govt. of India setting higher targets in production, productivity, turnover and CAPEX for the FY 2017-18.

The MoU was formulated as per the new Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.

As per the MoU, the target for revenue from operations has been fixed at Rs.8100 crore (net of excise) which is Rs 700 cr more than previous year.

The MoU has also set 100% targets for production of both bauxite and alumina i.e. 6.825 million tonnes and 2.1 million tonnes, respectively. Aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal. The targets are an all time high for the company and is expected to push the profitability of NALCO despite increase in expenses on account of enhanced electricity duty, RPO obligations, employee wage revision and power & fuel oil.

The Company has a CAPEX target of Rs.1158 crore against Rs.873 crore achieved in 2016-17. The expenses are to be incurred in several new and ongoing projects like the 1 million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernization and upgradationof Plant & equipments.

In yet another strategic move on the human resource front, thecompany has set a new HR succession plan, HR Audit, online ACR and training in reputed business institutes for its employees. The plan will enable the company to synchronize its workforce and skill set in line with the new business plan which is already in an advanced stage finalization.

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UPL hikes stake in Sinagro Group, Brazil
May 25,2017

UPL announced that the Company and Sinagro Group, a Brazilian company in the state of Matto Grosso, comprising of (i) Sinagro Produtos Agropecun++rios S.A and (ii) 3SB Produtos Agrn++colas S.A. has obtained necessary approval for an agreement and has consequentially completed a transaction in terms of the agreement in which UPL through its step down wholly owned subsidiary has subscribed to additional 9% shares in Sinagro Group, so as to increase its interest in the Sinagro Group share capital from 40% to 49% (Transaction) Sinagro Group based out of Primavera de Leste in the state of Mato Grosso, is one of the leading distributors of farm inputs in the Cerrado region of Brazil and is also in the business of agricultural production and trading of grains. Brazil has the largest Soybean agrochemical market in the world and state of Mato Grosso is the leading Soybean producing state in Brazil.

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Zee Learn allots 14,806 equity shares
May 25,2017

Zee Learn has allotted 14,806 equity shares under ESOP. With this allotment, the paid up equity shares have increased to 323,520,018 equity shares of Re 1 each.

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Salzer Electronics appoints director
May 25,2017

Salzer Electronics has appointed Otto Eggimann as an Additonal Independent Director on the Board of the company on 25 May 2017.

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Cipla allots 7949 equity shares
May 25,2017

Cipla has allotted 7949 equity shares under ESOP on 25 May 2017.

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Thirdwave Financial Intermediaries appoints company secretary and compliance officer
May 25,2017

Thirdwave Financial Intermediaries announced the appointment of Saloni Sharma as Company Secretary and Compliance Officer of the company with effect from 22 May 2017.

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Salzer Electronics signs MoU with Sealzer Electric GmbH, Germany
May 25,2017

Salzer Electronics has signed a Memorandum of Understanding with Sealzer Electric GmbH, Germany, for possible co-operation between two companies to leverage on their inherent strength for joint product development with cutting edge technologies and exploring joint marketing for Rotary Cam Switches world-wide.

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Bharat Forge hikes its stake in Khed Economic Infrastructure
May 25,2017

Bharat Forge announced that the Company has subscribed to the equity shares and got allotment pursuant to the Rights Issue of 1,73,16,308 equity shares of Rs. 10/- each fully paid-up made by Khed Economic Infrastructure (KEIPL). The Company, prior to the said right issue, was holding 5% of the paid up equity share capital of KEIPL. Considering future business initiatives of the Company, the Company had subscribed to the additional 1,59,11,782 equity shares of Rs. 10/- each fully paid up in the said rights issue over and above its rights entitlement. Consequent to this subscription to the rights issue, Companys shareholding in KEIPL has increased from 5% to 8.54%.

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Bodhtree Consulting announces resignation of director
May 25,2017

Bodhtree Consulting announced that Kommineni Srinivasa Rao, Director has submitted his Resignation letter which was received and acknowledged by the Managing Director w.e.f. 25 May, 2017.

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Stellar Capital Services announces resignation of CFO
May 25,2017

Stellar Capital Services announced that Sushma Aggarwal, Chief Financial Officer (CFO) of the Company has resigned from her duties w.e.f. 25 May 2017.

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Infosys announces strategic alliance with HP Inc.
May 25,2017

Infosys and HP Inc. launched joint Retail Point of Sale (RPOS) and Enterprise Device as a Service (DaaS) solutions to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program.

The joint RPOS solution offers a digital approach across the supply chain, enabling real-time collaboration between shoppers, retailers and vendors at the point of purchase, providing a true omnichannel experience. The joint Enterprise Device as a Service solution defines and delivers technologyenabled transformations that optimize how organizations acquire, manage and use devices with endto- end services, enterprise applications, fleet reporting, analytics, insights and more.

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Quantum Digital Vision India provides business update
May 25,2017

Quantum Digital Vision India has entered into a strategic joint venture with various entities - to develop properties, to clear legal hurdles, title encroachments, boundaries cleared free from encroachments and level the land from rocks or land filling. This will enable the land to be more marketable. Most of the land is situated in rural areas and small portion of the land is in town and villages.

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Dr Reddys Laboratories intimates of successful inspection of its formulations Srikakulum Plant Unit II
May 25,2017

Dr Reddys Laboratories announced that the audit of its formulations Srikakulum Plant (SEZ) Unit II, Andhra Pradesh by the USFDA, has been completed on 25 May 2017 with zero observations.

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Visaka Industries announces demise of director
May 25,2017

Visaka Industries announced the sad demise of Nagam Krishna Rao, Non-Executive Director, who left for his heavenly abode on 25 May 2017.

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Bank of Baroda redeems Upper Tier II Subordinates Notes listed on Singapore Stock Exchange
May 25,2017

Bank of Baroda announced that the Bank has fully redeemed all outstanding Notes in an aggregate principal amount of USD 300,000,000 Upper Tier II Subordinate Notes listed with Singapore Stock Exchanges under Medium Term Note Programme on 25 May 2017.

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